Waze Co-Founder Rappaport Explores Bid for Credit Card Firm Cal
Translated & summarized from Kipa by baba
Assaf Rappaport, a co-founder of Waze, is reportedly exploring the acquisition of the Israeli credit card company Cal from Discount Bank. Rappaport and his partners are among several interested parties, including Direct Insurance, Dalkia Automotive, and investment funds. An earlier deal for Cal with George Horesh and Harel did not materialize, but they are still seeking involvement. The high interest is driven by Cal's financial significance and technological infrastructure in Israel.
The story in 5 lines · by baba
- Waze co-founder Assaf Rappaport is reportedly considering buying credit card company Cal.
- Rappaport and partners previously acquired Channel 13 and McDonald's Israel.
- Cal is being sold by Discount Bank after a prior deal with George Horesh failed.
- Direct Insurance, Dalkia Automotive, and investment funds are also interested in Cal.
- Cal is seen as a valuable financial asset with advanced technology in Israel.
Assaf Rappaport, a co-founder of Waze, and his partners are reportedly considering acquiring the Israeli credit card company Cal. This follows their previous acquisition of Channel 13 and McDonald's Israel. Rappaport and his associates are among several entities examining the possibility of purchasing Cal from Discount Bank, after an earlier deal with George Horesh and Harel fell through.
Representatives for the Waze founders have reportedly contacted senior Discount Bank officials to gather information about Cal. It remains unclear whether they will submit an independent offer or join a larger consortium, which would be better equipped to navigate the regulatory approvals required by the Bank of Israel.
Several other parties have expressed interest in acquiring Cal. These include the Direct Insurance group, controlled by Muki and Doron Schneidman, Dalkia Automotive, owned by Gil Agmon, as well as investment funds and other entities. Discount Bank was reportedly surprised by the high level of interest.
Meanwhile, George Horesh and Harel have not abandoned their pursuit of Cal and may seek a structure that allows them to remain involved even if a new buyer emerges. The strong interest in Cal is attributed to its status as a significant financial asset in Israel, boasting advanced technological infrastructure. Additionally, potential buyers may believe they can acquire the company at an attractive price, especially after recent business changes, such as the transfer of the Fly Card club to a competitor, Isracard.
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